2006 Utah Code - 31A-27-401 — Conservation of property of foreign or alien insurers found in this state.

     31A-27-401.   Conservation of property of foreign or alien insurers found in this state.
     (1) If a domiciliary liquidator has not been appointed, the commissioner may apply to the Third District Court for Salt Lake County by verified petition for an order directing him to conserve the property located in this state of an alien insurer not domiciled in this state or of a foreign insurer, on any one or more of the following grounds:
     (a) any of the grounds given in Section 31A-27-301;
     (b) any of the grounds given in Section 31A-27-307;
     (c) that any of its property has been sequestered by official action in its domiciliary state, or in any other state;
     (d) that enough of its property has been sequestered in a foreign country to give reasonable cause to fear that the insurer is or may become insolvent; or
     (e) that its certificate of authority to do business in this state has been revoked or that none was ever issued and that there are residents of this state with unpaid claims or policies that are in effect.
     (2) The court may require an appropriate notice to the insurer and a hearing and may issue the conservation order in whatever terms it considers appropriate. The filing or recording of the order with any county recorder in this state imparts the same notice as an evidence of title properly filed or recorded with that county recorder.
     (3) The conservator may at any time petition for and the court may grant an order under Section 31A-27-402 to liquidate the assets of a foreign or alien insurer under conservation or, if appropriate, for an order under Section 31A-27-404 to be appointed ancillary receiver.
     (4) The conservator may at any time petition the court for an order terminating conservation of an insurer. If the court finds that the conservation is no longer necessary, it shall order that the insurer be restored to possession of its property and the control of its business. The court may also make that finding and issue that order at any time upon its own motion or on the motion of any interested party. If this hearing is on the motion of an interested party and if the motion is denied, the interested party shall pay all costs, including the reasonable attorney's fees of the conservator.

Amended by Chapter 204, 1986 General Session